How to reduce operating costs in 2021: Intelligent Document Processing (IDP) as an effective tool

Intelligent Document Processing (IDP) is without a doubt the powerful tool for document capture, especially for the automatic classification and extraction of unstructured and complex documents. IDP provides companies with optimization and efficiency gains while reducing operating costs.

But where exactly does the integration of IDP translate into added monetary value for companies? Various factors and KPIs let you focus on substantial and tangible results.

We have summarized Intelligent Document Processing (IDP) briefly for you here

4 factors where the performance of IDP is directly evident

Future-oriented companies implement Parashift IDP platform as a central point for document extraction in their existing software landscape. Parashift’s IDP comes with critical factors and high performance.

1. Super fast go-live

With over 50 pre-configured, pre-trained and ready-to-use document types, Parashift IDP platform can be integrated into a company’s system architecture in a short time. A super-fast go-live is the result.

2. No basic fee

Another indicator of a fast return on investment: with Parashift IDP platform, no basic fees are charged, costs can be reduced directly.

3. High data intelligence

Thanks to Parashift’s powerful IDP, which is based on advanced technologies such as Artificial Intelligence and Machine Learning, all data can be extracted from unstructured documents. Subsequent processes are thus provided with unprecedented data intelligence.

4. Easily create individual document types

With over 200 ready-to-use extractors and more to come, new document types can be created in the editor in no time at all – without the need for any specific know-how.

For companies, this results in essential KPIs

These 4 factors define Parashift’s IDP as an effective, easy-to-integrate tool for automated document classification and extraction, ultimately leading to reduced operational costs for organizations. This is reflected in various KPIs, including for example:

1. 100% elimination of templates and instead 100% flexibility with document types.

2. Up to 95% reduction in manual effort.

3. Operating costs are reduced by 80% with the central extraction point.

4. 3x lower costs in general.

5. Up to 60% savings in human interaction for handwritten texts.

6. Creation of individual extraction requests possible in only 30 minutes via drag & drop.

7. Massive acceleration of processing times, for example for transport orders, from 10 to just 2 minutes.

Zero post-processing option

Optionally, a company can eliminate the need to touch documents altogether in the future. Namely, Parashift’s zero post-processing option guarantees an SLA (Service Level Agreement) of >98% extraction accuracy on position data. Thus, a company receives fully validated data within 3 hours, gaining additional capacity and further reducing operating costs.